The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support
to international institutions.
The New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes
sound financial and economic decisions through community development and education programs.
The Quarterly Report on Household Debt and Credit for 2018:Q3 shows a rising number of account closings in credit reports over the previous year and a half, primarily for credit cards. Our economists tapped SCE Credit Access Survey data for additional insight, finding that the rise was driven by lender-initiated—as opposed to borrower-initiated—closings. The data since 2016 show broad increases in such closures for all age and credit score groups, with the increases being especially large for those under age 60 and for account holders with low credit scores (below 680).